Choice Hotels International Reports Record Revenues

ROCKVILLE, Md., Feb. 20, 2015 (hospitalitybusinessnews.com — Choice Hotels International, Inc. today reported the following highlights for the fourth quarter and full-year 2014:

Fourth Quarter Highlights

  • Franchising revenues for the three months ended December 31, 2014, totaled $81.4 million, an increase of 12 percent from the same period of 2013.
  • Earnings before interest, taxes, depreciation and amortization (“EBITDA”) from franchising activities for the three months ended December 31, 2014, totaled $52.7 million, an increase of 15 percent from the same period of 2013.
  • Franchising margins for the three months ended December 31, 2014, were 62.1 percent, an increase of 150 basis points from the same period of 2013.
  • Diluted earnings per share (“EPS”) from continuing operations for the three months ended December 31, 2014, totaled $0.43, an increase of 7 percent from the same period of 2013.
  • Domestic royalty fees for the three months ended December 31, 2014, totaled $59.2 million, an increase of 11 percent from the same period of 2013.
  • Domestic system-wide revenue per available room (“RevPAR”) increased 11.2 percent in the fourth quarter of 2014, as occupancy and average daily rates increased 370 basis points and 3.8 percent, respectively from the same period of 2013.
  • Domestic hotel executed franchise agreements totaled 269 for the three months ended December 31, 2014, an increase of 25 percent from the same period of 2013.
  • New construction domestic hotel executed franchise agreements totaled 80 for the three months ended December 31, 2014, an increase of 78 percent from the same period of 2013.
  • The company purchased 1.0 million shares of common stock under its share repurchase program during the three months ended December 31, 2014, at a total cost of approximately $54.2 million.
  • The company’s board of directors authorized an increase in the number of shares for repurchase under the current share repurchase program to 3 million shares.

“Our fourth quarter results exceeded our expectations and we closed out a record year driven by strong RevPAR performance and franchise development results,” said Stephen P. Joyce, president and chief executive officer, Choice Hotels. “Domestic RevPAR gains in 2014 improved each quarter culminating with an 11% increase in the fourth quarter which outpaced the gains reported by Smith Travel Research in the chain scale segments in which we compete.  Our efforts and initiatives to strengthen our brands and improve business delivery to our franchisees are illustrated by our RevPAR performance and doubling the number of new construction franchise agreements for our Comfort family of brands. We are optimistic that developers will continue to respond to our program to rejuvenate our iconic Comfort brand and are optimistic that RevPAR performance will continue to be strong in 2015.”

Full-Year Highlights

  • EBITDA from franchising activities in 2014 totaled $240.0 million, an increase of $25.1 million or 12 percent from 2013.
  • Franchising revenues in 2014 totaled $344.8 million, an increase of $27.8 million or 9 percent from 2013.
  • Franchising SG&A expenses in 2014 totaled $104.8 million, an increase of 3 percent from 2013.
  • Franchising margins for 2014 were 67.2 percent, an increase of 210 basis points from 2013.
  • Diluted EPS from continuing operations in 2014 totaled $2.07, an increase of 8 percent from 2013.
  • Domestic royalty fees in 2014 totaled $263.0 million, an increase of 8 percent from 2013.
  • Domestic system-wide RevPAR increased 8.5 percent in 2014 as occupancy and average daily rates increased 310 basis points and 3.0 percent, respectively, from 2013.
  • Domestic units increased 0.8 percent from December 31, 2013.
  • New franchise contracts, executed in 2014 for domestic hotels, totaled 566, a 7 percent increase from 2013.
  • Domestic relicensing and contract renewal transactions in 2014 totaled 336 contracts, an increase of 16 percent from 2013.
  • The company’s domestic pipeline of hotels under construction, awaiting conversion or approved for development increased 21 percent from December 31, 2013.

Discontinued Operations

In the first quarter of 2014, the company entered into a plan to sell its three owned hotels operated under the MainStay Suites brand. The company determined that the disposal of these hotels met the definition of a discontinued operation since the operations and cash flows of these components will be eliminated from the on-going operations of the company and the company will not have significant continuing involvement in the operations of the hotels after the disposal transaction.

At December 31, 2014, the company had disposed of all three hotels and the new owners of each of those hotels had executed new franchise agreements with the company.

The company’s consolidated statement of income for the three months and year ended December 31, 2014 reflect these three company-owned hotels as discontinued operations. In addition, the company’s statement of income for the three months and year ended December 31, 2013 has been recast to account for these operations as discontinued. Summarized financial information related to these discontinued operations is presented in Exhibit 9 of this press release.

Outlook

The company’s consolidated 2015 outlook reflects the following assumptions:

  • All figures assume no additional repurchases of common stock under the company’s share repurchase program; and
  • The effective tax rate for continuing operations is expected to be 31.8% and 31.1% for the first quarter and full- year 2015, respectively.

Franchising

  • EBITDA from franchising activities for full-year 2015 are expected to range between $254 million and $259 million;
  • Net domestic unit growth for 2015 is expected to be approximately 1%;
  • RevPAR is expected to increase approximately 11% for the first quarter and range between 6.5% and 8% for full-year 2015; and
  • The effective royalty rate is expected to increase 2 basis points for full-year 2015 as compared to full-year 2014.

SkyTouch

  • Net reductions in EBITDA relating to our investment in the SkyTouch division for full-year 2015 are expected to range between $15 million and $20 million.

Consolidated Outlook

The company’s first quarter 2015 diluted EPS is expected to be $0.37. The company expects full-year 2015 diluted EPS to range between $2.14 and $2.21. EBITDA for full-year 2015 are expected to range between $236 million and $241 million.

 

Choice Hotels International, Inc. Exhibit 1
Consolidated Statements of Income
(Unaudited)
Three Months Ended December 31, Year Ended December 31,
Variance Variance
2014 2013 $ % 2014 2013 $ %
(In thousands, except per share amounts)
REVENUES:
Royalty fees $            65,237 $            59,606 $     5,631 9% $           287,538 $           267,812 $     19,726 7%
Initial franchise and relicensing fees 6,720 5,843 877 15% 19,481 18,686 795 4%
Procurement services 5,526 4,464 1,062 24% 23,819 20,668 3,151 15%
Marketing and reservation 103,594 96,429 7,165 7% 412,619 407,633 4,986 1%
Other 4,325 2,489 1,836 74% 14,513 9,851 4,662 47%
      Total revenues 185,402 168,831 16,571 10% 757,970 724,650 33,320 5%
OPERATING EXPENSES:
Selling, general and administrative 33,089 28,905 4,184 14% 121,418 111,713 9,705 9%
Depreciation and amortization 2,462 2,355 107 5% 9,365 9,056 309 3%
Marketing and reservation 103,594 96,429 7,165 7% 412,619 407,633 4,986 1%
Total operating expenses 139,145 127,689 11,456 9% 543,402 528,402 15,000 3%
Operating income 46,257 41,142 5,115 12% 214,568 196,248 18,320 9%
OTHER INCOME AND EXPENSES, NET:
Interest expense 10,110 10,203 (93) (1%) 41,486 42,537 (1,051) (2%)
Interest income (556) (568) 12 (2%) (1,761) (2,547) 786 (31%)
Other (gains) and losses 585 (514) 1,099 (214%) 427 (1,780) 2,207 (124%)
Equity in net (income) loss of affiliates 80 (294) 374 (127%) 658 (634) 1,292 (204%)
Total other income and expenses, net 10,219 8,827 1,392 16% 40,810 37,576 3,234 9%
Income from continuing operations before income taxes 36,038 32,315 3,723 12% 173,758 158,672 15,086 10%
Income taxes 10,729 8,938 1,791 20% 52,285 45,322 6,963 15%
Income from continuing operations, net of income taxes 25,309 23,377 1,932 8% 121,473 113,350 8,123 7%
Income (loss) from discontinued operations, net of income taxes (24) 66 (90) (136%) 1,687 359 1,328 370%
Net income $            25,285 $            23,443 $     1,842 8% $           123,160 $           113,709 $       9,451 8%
Basic earnings per share
Continuing operations $                0.44 $                0.40 $      0.04 10% $                2.08 $                1.94 $        0.14 7%
Discontinued operations NM 0.03 0.03 NM
$                0.44 $                0.40 $      0.04 10% $                2.11 $                1.94 $        0.17 9%
Diluted earnings per share
Continuing operations $                0.43 $                0.40 $      0.03 7% $                2.07 $                1.92 $        0.15 8%
Discontinued operations NM 0.03 0.01 0.02 200%
$                0.43 $                0.40 $      0.03 7% $                2.10 $                1.93 $        0.17 9%

 

 

Choice Hotels International, Inc. Exhibit 2
Consolidated Balance Sheets
(In thousands, except per share amounts)  December 31   December 31,
2014 2013
(Unaudited)
ASSETS
Cash and cash equivalents $           214,879 $         167,795
Accounts receivable, net 91,681 82,385
Other current assets 44,854 56,794
Total current assets 351,414 306,974
Fixed assets and intangibles, net 152,034 143,618
Notes receivable, net of allowances 40,441 31,872
Advances, marketing and reservation activities 5,844
Investments, employee benefit plans, at fair value 17,539 15,950
Other assets 85,842 52,164
Total assets $           647,270 $         556,422
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Accounts payable and accrued expenses $           120,654 $            98,288
Deferred revenue 66,382 61,188
Current portion of long-term debt 12,349 10,088
Other current liabilities 713 4,774
Total current liabilities 200,098 174,338
Long-term debt 782,082 783,471
Deferred compensation & retirement plan obligations 23,987 22,527
Other liabilities 69,904 28,957
Total liabilities 1,076,071 1,009,293
Common stock, $0.01 par value 573 586
Additional paid-in-capital 127,661 117,768
Accumulated other comprehensive loss (6,971) (6,217)
Treasury stock, at cost (982,463) (918,031)
Retained earnings 432,399 353,023
Total shareholders’ deficit (428,801) (452,871)
Total liabilities and shareholders’ deficit $           647,270 $         556,422

 

 

Choice Hotels International, Inc. Exhibit 3
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands) Year Ended December 31,
2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $                  123,160 $            113,709
Adjustments to reconcile net income to net cash provided
 by operating activities:
  Depreciation and amortization 9,365 9,582
  Gain on sale of assets (2,809) (151)
  Provision for bad debts, net 2,775 2,743
  Non-cash stock compensation and other charges 9,706 11,422
  Non-cash interest and other (income) loss 3,174 1,545
  Deferred income taxes (22,899) (6,277)
  Equity (earnings) losses from unconsolidated ventures, net of distributions received 2,200 811
Changes in assets and liabilities, net of acquisitions:
  Receivables (14,250) (7,899)
  Advances to/from marketing and reservation activities, net 70,179 42,991
  Forgivable notes receivable, net (12,914) (8,347)
  Accounts payable 9,636 2,304
  Accrued expenses 6,678 (9,595)
  Income taxes payable/receivable (3,582) 4,276
  Deferred revenue 5,297 (9,861)
  Other assets (1,250) (3,197)
  Other liabilities (575) 9,857
 NET CASH PROVIDED BY OPERATING ACTIVITIES  183,891 153,913
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment (20,946) (33,397)
Proceeds from sales of assets 15,612 243
Equity method investments (17,789) (5,685)
Purchases of investments, employee benefit plans (2,794) (2,676)
Proceeds from sales of investments, employee benefit plans 964 4,168
Issuance of mezzanine and other notes receivable (3,340) (1,095)
Collections of mezzanine and other notes receivable 11,289 9,748
Other items, net (642) (728)
 NET CASH USED IN INVESTING ACTIVITIES  (17,646) (29,422)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net repayments pursuant to revolving credit facility (57,000)
Principal payments on long-term debt (10,108) (8,204)
Proceeds from the issuance of long-term debt 250 3,360
Purchase of treasury stock (77,972) (3,965)
Dividends paid (43,529) (32,799)
Excess tax benefits from stock-based compensation 3,721 1,460
Proceeds from exercise of stock options 10,098 8,864
 NET CASH USED IN FINANCING ACTIVITIES (117,540) (88,284)
Net change in cash and cash equivalents 48,705 36,207
Effect of foreign exchange rate changes on cash and cash equivalents (1,621) (2,589)
Cash and cash equivalents at beginning of period 167,795 134,177
CASH AND CASH EQUIVALENTS AT END OF PERIOD $                  214,879 $            167,795

 

 

CHOICE HOTELS INTERNATIONAL, INC. Exhibit 4
SUPPLEMENTAL OPERATING INFORMATION 
DOMESTIC HOTEL SYSTEM
(UNAUDITED)
For the Year Ended December 31 2014 For the Year Ended December 31, 2013 Change
Average Daily Average Daily Average Daily
Rate Occupancy RevPAR Rate Occupancy RevPAR Rate Occupancy RevPAR
Comfort Inn $             86.08 63.3% $          54.50 $             83.27 60.1% $         50.05 3.4% 320 bps 8.9%
Comfort Suites 90.24 66.5% 60.01 86.99 62.9% 54.75 3.7% 360 bps 9.6%
Sleep 77.13 62.5% 48.24 74.39 58.7% 43.66 3.7% 380 bps 10.5%
Quality 71.98 56.1% 40.39 70.22 53.1% 37.27 2.5% 300 bps 8.4%
Clarion 77.65 54.5% 42.34 75.15 51.2% 38.46 3.3% 330 bps 10.1%
Econo Lodge 57.85 51.6% 29.86 56.51 48.8% 27.55 2.4% 280 bps 8.4%
Rodeway 56.68 55.1% 31.25 54.28 51.9% 28.14 4.4% 320 bps 11.1%
MainStay 74.82 71.4% 53.40 72.44 68.1% 49.36 3.3% 330 bps 8.2%
Suburban 45.25 71.8% 32.51 42.67 70.2% 29.96 6.0% 160 bps 8.5%
Ascend Hotel Collection 121.49 60.3% 73.20 119.76 64.0% 76.60 1.4% (370) bps (4.4%)
Total  $             77.03 59.5% $          45.80 $             74.76 56.4% $         42.20 3.0% 310 bps 8.5%
For the Three Months Ended December 31, 2014 For the Three Months Ended December 31, 2013 Change
Average Daily Average Daily Average Daily
Rate Occupancy RevPAR Rate Occupancy RevPAR Rate Occupancy RevPAR
Comfort Inn $             83.22 58.4% $          48.59 $             80.24 54.7% $         43.88 3.7% 370 bps 10.7%
Comfort Suites 87.51 62.4% 54.65 83.94 57.9% 48.61 4.3% 450 bps 12.4%
Sleep 75.09 59.0% 44.30 72.17 53.8% 38.83 4.0% 520 bps 14.1%
Quality 68.96 51.3% 35.37 66.92 47.9% 32.07 3.0% 340 bps 10.3%
Clarion 76.21 50.3% 38.29 71.56 46.8% 33.49 6.5% 350 bps 14.3%
Econo Lodge 55.18 47.7% 26.33 53.75 43.9% 23.59 2.7% 380 bps 11.6%
Rodeway 54.01 50.9% 27.47 50.86 47.5% 24.18 6.2% 340 bps 13.6%
MainStay 72.56 67.0% 48.59 69.91 64.3% 44.97 3.8% 270 bps 8.0%
Suburban 45.11 67.5% 30.45 41.89 66.3% 27.77 7.7% 120 bps 9.7%
Ascend Hotel Collection 124.75 62.2% 77.56 111.20 59.5% 66.16 12.2% 270 bps 17.2%
Total  $             74.42 55.1% $          41.00 $             71.71 51.4% $         36.87 3.8% 370 bps 11.2%
For the Quarter Ended For the Year Ended
12/31/2014 12/31/2013 12/31/2014 12/31/2013
System-wide effective royalty rate 4.28% 4.32% 4.28% 4.33%

 

 

CHOICE HOTELS INTERNATIONAL, INC. Exhibit 5
SUPPLEMENTAL HOTEL AND ROOM SUPPLY DATA
(UNAUDITED)
December 31, 2014 December 31, 2013 Variance
Hotels Rooms Hotels Rooms Hotels Rooms % %
Comfort Inn 1,240 95,862 1,302 101,673 (62) (5,811) (4.8%) (5.7%)
Comfort Suites 577 44,632 589 45,451 (12) (819) (2.0%) (1.8%)
Sleep 371 26,811 382 27,623 (11) (812) (2.9%) (2.9%)
Quality 1,284 104,454 1,223 101,143 61 3,311 5.0% 3.3%
Clarion 178 25,049 190 27,501 (12) (2,452) (6.3%) (8.9%)
Econo Lodge 856 52,878 830 50,694 26 2,184 3.1% 4.3%
Rodeway 474 26,172 438 24,677 36 1,495 8.2% 6.1%
MainStay 45 3,568 43 3,331 2 237 4.7% 7.1%
Suburban 65 7,198 63 7,167 2 31 3.2% 0.4%
Ascend Hotel Collection 109 9,395 102 9,206 7 189 6.9% 2.1%
Cambria 22 2,642 18 2,119 4 523 22.2% 24.7%
Domestic Franchises 5,221 398,661 5,180 400,585 41 (1,924) 0.8% (0.5%)
International Franchises 1,158 106,617 1,160 105,473 (2) 1,144 (0.2%) 1.1%
Total Franchises 6,379 505,278 6,340 506,058 39 (780) 0.6% (0.2%)

 

 

CHOICE HOTELS INTERNATIONAL, INC. Exhibit 6
SUPPLEMENTAL INFORMATION BY BRAND
DEVELOPMENT RESULTS — DOMESTIC NEW HOTEL CONTRACTS
(UNAUDITED)
For the Year Ended December 31, 2014 For the Year Ended December 31, 2013 % Change
New New New
Construction Conversion Total Construction Conversion Total Construction Conversion Total
Comfort Inn 31 24 55 18 54 72 72% (56%) (24%)
Comfort Suites 39 1 40 16 9 25 144% (89%) 60%
Sleep 36 2 38 20 5 25 80% (60%) 52%
Quality 3 166 169 1 137 138 200% 21% 22%
Clarion 1 28 29 1 21 22 0% 33% 32%
Econo Lodge 3 79 82 2 87 89 50% (9%) (8%)
Rodeway 3 76 79 1 70 71 200% 9% 11%
MainStay 20 3 23 11 2 13 82% 50% 77%
Suburban 4 5 9 9 5 14 (56%) 0% (36%)
Ascend Hotel Collection 11 23 34 5 51 56 120% (55%) (39%)
Cambria  8 8 5 5 60% NM 60%
Total Domestic System 159 407 566 89 441 530 79% (8%) 7%
For the Three Months Ended December 31, 2014 For the Three Months Ended December 31, 2013 % Change
New New New
Construction Conversion Total Construction Conversion Total Construction Conversion Total
Comfort Inn 15 13 28 6 19 25 150% (32%) 12%
Comfort Suites 28 1 29 9 3 12 211% (67%) 142%
Sleep 15 1 16 11 4 15 36% (75%) 7%
Quality 84 84 61 61 NM 38% 38%
Clarion 13 13 9 9 NM 44% 44%
Econo Lodge 2 33 35 2 26 28 0% 27% 25%
Rodeway 28 28 31 31 NM (10%) (10%)
MainStay 10 2 12 6 2 8 67% 0% 50%
Suburban 2 2 4 8 4 12 (75%) (50%) (67%)
Ascend Hotel Collection 5 12 17 11 11 NM 9% 55%
Cambria 3 3 3 3 0% NM 0%
Total Domestic System 80 189 269 45 170 215 78% 11% 25%

 

 

CHOICE HOTELS INTERNATIONAL, INC. Exhibit 7
DOMESTIC PIPELINE OF HOTELS UNDER CONSTRUCTION, AWAITING CONVERSION OR APPROVED FOR DEVELOPMENT
(UNAUDITED)
A hotel in the domestic pipeline does not always result in an open and operating hotel due to various factors.
Variance
December 31, 2014 December 31, 2013
Units Units Conversion New Construction Total
Conversion New Construction Total Conversion New Construction Total Units % Units % Units %
Comfort Inn 36 64 100 44 53 97 (8) (18%) 11 21% 3 3%
Comfort Suites 75 75 4 47 51 (4) (100%) 28 60% 24 47%
Sleep Inn 2 72 74 1 49 50 1 100% 23 47% 24 48%
Quality 52 5 57 48 3 51 4 8% 2 67% 6 12%
Clarion 12 2 14 8 2 10 4 50% 0% 4 40%
Econo Lodge 32 5 37 26 2 28 6 23% 3 150% 9 32%
Rodeway 31 4 35 38 1 39 (7) (18%) 3 300% (4) (10%)
MainStay 1 46 47 2 31 33 (1) (50%) 15 48% 14 42%
Suburban 4 12 16 6 16 22 (2) (33%) (4) (25%) (6) (27%)
Ascend Hotel Collection 14 20 34 10 10 20 4 40% 10 100% 14 70%
Cambria  21 21 21 21 NM 0% 0%
184 326 510 187 235 422 (3) (2%) 91 39% 88 21%

 

 

CHOICE HOTELS INTERNATIONAL, INC. Exhibit 8
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
(UNAUDITED)
CALCULATION OF FRANCHISING REVENUES AND FRANCHISING MARGINS
(dollar amounts in thousands) Three Months Ended December 31,  Year Ended December 31, 
2014 2013 2014 2013
Franchising Revenues:
Total Revenues $              185,402 $               168,831 $               757,970 $              724,650
Adjustments:
     Marketing and reservation revenues (103,594) (96,429) (412,619) (407,633)
     Other (387) (20) (600) (33)
Franchising Revenues $                81,421 $                 72,382 $               344,751 $              316,984
Franchising Margins:
Operating Margin:
Total Revenues $              185,402 $               168,831 $               757,970 $              724,650
Operating Income $                46,257 $                 41,142 $               214,568 $              196,248
     Operating Margin 24.9% 24.4% 28.3% 27.1%
Franchising Margin:
Franchising Revenues $                81,421 $                 72,382 $               344,751 $              316,984
Operating Income $                46,257 $                 41,142 $               214,568 $              196,248
SkyTouch Division operating loss 4,271 2,687 17,065 9,994
$                50,528 $                 43,829 $               231,633 $              206,242
     Franchising Margins 62.1% 60.6% 67.2% 65.1%
CALCULATION OF FRANCHISING SELLING, GENERAL AND ADMINISTRATION EXPENSES
(dollar amounts in thousands) Three Months Ended December 31,  Year Ended December 31, 
2014 2013 2014 2013
Total Selling, General and Administrative Expenses $                33,089 $                 28,905 $               121,418 $              111,713
SkyTouch Division (4,336) (2,519) (16,658) (9,629)
Franchising Selling, General and Administration Expenses $                28,753 $                 26,386 $               104,760 $              102,084
CALCULATION OF EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (“EBITDA”)
(dollar amounts in thousands)
Three Months Ended December 31,  Year Ended December 31, 
2014 2013 2014 2013
Income from continuing operations, net of income taxes $                25,309 $                 23,377 $               121,473 $              113,350
Income taxes 10,729 8,938 52,285 45,322
Interest expense 10,110 10,203 41,486 42,537
Interest income (556) (568) (1,761) (2,547)
Other (gains) and losses 585 (514) 427 (1,780)
Equity in net (income) loss of affiliates 80 (294) 658 (634)
Depreciation and amortization 2,462 2,355 9,365 9,056
EBITDA $                48,719 $                 43,497 $               223,933 $              205,304
Franchising $                52,668 $                 45,996 $               239,991 $              214,900
SkyTouch (3,949) (2,499) (16,058) (9,596)
$                48,719 $                 43,497 $               223,933 $              205,304

 

 

CHOICE HOTELS INTERNATIONAL, INC. Exhibit 9
DISCONTINUED OPERATIONS
(UNAUDITED)
Three Months Ended December 31, Year Ended December 31, 
(In thousands) 2014 2013 2014 2013
REVENUES:
Hotel operations $                       – $                   1,174 $                    801 $              4,774
      Total revenues 1,174 801 4,774
OPERATING EXPENSES:
Hotel operations 43 936 927 3,678
Depreciation and amortization 133 526
Total operating expenses 43 1,069 927 4,204
Operating income (loss) (43) 105 (126) 570
Gain (loss) on disposal of discontinued operations 4 2,807
Income (loss) from discontinued operations before income taxes (39) 105 2,681 570
Income tax (benefit) (15) 39 994 211
Income (loss) from discontinued operations $                    (24) $                       66 $                 1,687 $                 359

 

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